The Truth About Financial Coaching: Do You Have What It Takes?

Ever wondered about the people who help others overcome money struggles? The guides who walk alongside people with a personalized plan for their finances?

If you’re currently in Financial Peace University or new to Dave Ramsey, you might not even know these people exist. Well, they do, and they’re called financial coaches. Here at Ramsey Solutions, we have a team of full-time financial coaches with 23 years of experience helping people win with money.

For 16 years, our coaches have also been teaching people like you how to coach by offering financial coach training right here in Nashville, Tennessee.

This year, that training is evolving into the all-new Financial Coach Master Training, a three-part experience that includes online education, on-site training, and ongoing mentorship. Individuals who successfully complete the training even have the opportunity to be listed on daveramsey.com.

If you’ve experienced what it’s like to win with money and think you might want to help others experience it too, becoming a financial coach might be right for you. But do you have what it takes? Read on to see the biggest myths (and truths) about becoming a financial coach.

Myth: Financial coaches have to be detail-oriented.
Truth: All personality types make great financial coaches!

Lots of financial coaches are detail-oriented and cautious, but they can also be decisive hard-drivers, interactive social butterflies or stabilizing peacekeepers. The important thing is that financial coaches, whatever their personality, have the heart of a teacher and truly care about the people they’re helping.

That’s because clients don’t care about credentials. They care about finding a person who will really help them.

Myth: Financial coaches have to know all the financial principles Dave Ramsey teaches.
Truth: You don’t need to know everything to start training.

Lots of our coaches start with a very basic understanding of Dave’s teachings. Some haven’t even been through Financial Peace University, but they listen to The Dave Ramsey Show or have read The Total Money Makeover. And that’s okay! All that’s required to start is a passion for helping. By the time you finish training and are a practicing coach, your advice and knowledge base should be consistent with what Dave teaches.

Myth: Financial coaches are all CPAs, finance majors or people who love numbers.
Truth: Financial coaches come from all backgrounds, many having nothing to do with money!

Although some of the people who’ve gone through our financial coach training do have finance credentials or a numbers background, a lot do not! Some are college students, stay-at-home moms, teachers, real estate agents and retirees. So, you don’t need a bunch of fancy letters after your name.

Nobody cares what you know. They just want to know that you care. And as long as you care, you can learn the mechanics of coaching. You’ll practice a lot, increase your confidence, and become a great coach.

Myth: Financial coaches have all the answers.
Truth: Financial coaches need to be good listeners and ask good questions.

Good listening and questioning skills are important for understanding a client’s situation. And once a coach has that information, they can help their client find solutions. That means they don’t need to be an expert in tax law, real estate or any other field. They just need to provide the information they do have and know how to help their client find the rest.

What’s important is that coaches have a fresh perspective and maintain boundaries by keeping their emotions out of the mix. Good coaches understand they aren’t fixers, they’re guides who make suggestions and share options—but never tell clients what to do.

Myth: Financial coaches focus on problems and past mistakes.
Truth: Coaches, above all else, offer hope.

Lots of people seeking a coach arrive financially bruised. They’re tired and beat up, and the last thing they need is someone telling them what they’re doing wrong. Instead, they need someone who encourages them, doesn’t judge them, and meets them where they are.

Lead others to financial peace! We will show you how. Click here.

Someone who would make a great coach notices opportunities to help others. They’ve seen the need among their family, friends or church members, and they want to be a part of the solution.

So does financial coaching sound like something you’d love to do? If so, you can find out more about becoming a financial coach here.